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GeorgeM777
Expert Alumni

Primary residence converted to rental property and then sold. Do I still qualify for the 250k/500k tax exemption?

You are in the right area of TurboTax and yes, it appears you are eligible for the capital gain exclusion.  To trigger TurboTax to inquire about the sale of your rental, and specifically about your use of it as a personal residence, go back to the page which asks about expenses and assets for your rental house (you may see this page after the page Review your rental property info).

 

On the page asking about expenses and assets, select Sold rental property (it may already be selected), the click Edit.  Then, follow these steps:

 

  1. Go to the Asset Summary page. 
  2. On the Property Assets page, select Edit.
  3. You will need to enter the cost of your rental including when you acquired the home.
  4. On the page Tell Us More About This Rental Asset (or similar page) is where you will enter information about your personal use.
  5. You will also have to enter information about prior depreciation.
  6. Eventually, you will see a page inquiring about time you lived in the home. 

@geoffa

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